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  • 學位論文

微型金融之展望及監理機制—以美國、中國大陸及台灣之法制比較及整合趨勢為中心

The Prosperity and Supervising Mechanism of Microfinance - Focusing on Comparing and Integrating Taiwanese Legal Structures with the One of America and China

指導教授 : 王志誠
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摘要


本篇論文是受到諾貝爾和平獎得主尤努斯教授所創立的葛拉敏銀行的啟發,更在研究近年在中國大陸被廣泛討論的互聯網金融的過程中,發現以葛拉敏銀行為濫觴的微型金融與互聯網金融之間有著許多相似點,不但都具有小額的特徵,互聯網金融具有降低交易成本與減少資訊不對稱等優勢,能夠對微型金融及其後延伸出的普惠金融的達成產生莫大的助益,微型金融的宗旨為消除貧窮,而普惠金融則是將原本微型金融面相的赤貧客戶群擴張到普羅大眾,兩者都隱含著濃厚的社會目標,互聯網金融透過科技的進步變革了金融交易方法,使得金融服務不再被地理及時間制約,也不再僅是資本家的特權,基於以上的研究理念,因而發展出本篇論文先以微型金融為基底、再深入討論互聯網金融的研究架構。   本篇論文包含三大主軸:微型金融及普惠金融、傳統民間借貸、互聯網金融。傳統民間借貸是用以做為微型金融等新興金融的比較,以闡述長久以來民間不乏對小額借貸的需求,而微型金融與互聯網金融是在原有的社會需求上,對金融模式與方式另做革新,這類金融創新替金融注入活力,將有利於社會扶助及多元籌資市場的建置,台灣不但具有以中小企業為主的工商環境,更有許多經濟弱勢族群,具有推展此類新興金融的需求性與必要性,同時也帶出規劃出一套妥適監管機制的迫切性。   監理機制的討論是本篇論文探討的核心,本文也對美國及中國大陸的互聯網金融之發展與政策進行比較與整合,美國已經就互聯網金融的P2P及眾籌行業建立一套監理規範,而中國則處於無監管、無准入門檻、無行業規範的情形,兩國的監理現況迥異,綜合來看,美國嘗試在金融創新與監管中取得平衡,但何謂最適宜的監管策略仍未獲得共識,而中國國內對監管並遏止互聯網金融行業野蠻生長的呼聲則是日益高漲,台灣互聯網金融的發展方興未艾,從金融五法的改革、創櫃板的啟用、股權性質群眾募資計畫的推動、有限合夥法的制定及閉鎖性股份有限公司的修正等近年來一系列的法制改革,都顯示出台灣政府推動互聯網金融及多層次資本架構的金融政策趨勢,美國及中國的監理法制將可以作為我國擬定未來監理方向的參考與借鏡。 考量到台灣對微型金融與互聯網金融的需求性,及互聯網金融將有利我國國際競爭力的提昇等優點,台灣政府應帶頭推動互聯網金融發展,並且建構以功能監管為核心的監理架構,朝向豁免證券交易法義務的方向規劃,以免扼殺新生的互聯網金融行業於搖籃,同時謹守過猶不及的監管方針,力求在金融創新與金融監管間取得平衡,以達到微型金融與互聯網金融的金融與社會功效。

並列摘要


This thesis was inspired by Grameen Bank which was founded by Dr. Yunus, the laureate of Nobel Peace Award. I was also surprised to find out several similarities between microfinance and internet finance during the period of researching internet finance which was broadly discussed in China in recent years. Not only did internet finance share the commonality of small amount with microfinance, but also show the advantage of decreasing cost of transaction and diminishing information asymmetry, as which would benefit and fortify inclusive finance, a new type of finance extended from microfinance, in a large scale. Microfinance aims to eliminate poverty, while inclusive finance bases on the same purpose and further extend targeted customers, the poor, to general public in microfinance world. Both have strong and profound social goal. Attributing to the rapid development of technology, internet finance, transforming the way of transaction, allows financial service to be accessible without the geographical boundary and limitation of time. Plus, due to the power of internet finance, finance is not a privilege of capitalist anymore. Based on above research notion, I design a research structure that use microfinance as general idea and further discuss internet finance in-depth in this thesis. There are three main subjects in this thesis, including microfinance and inclusive finance, traditional lending and internet finance. Traditional lending functions as a contrast to innovative finance such as microfinance. It also illuminates the situation that there is strong demand toward microcredit in our society for a long time. In comparison with traditional lending, microfinance and internet finance respond to this social demand and in turn refresh and remodel financial strategy. This trend of innovation pours energy into financial ambit, benefiting social rescue and the construction of multi-layer capital market. Because of the unique business environment with majority of micro-companies and the existence of economic disadvantaged people, Taiwan holds the demand and necessity to develop these new types of finance. On the other hand, Taiwan faces the urgency to create a prudential and suitable supervising mechanism as well. The discussion over suitable supervising mechanism is the core issue of this thesis. In order to come up with a Taiwanese financial supervising strategy, this thesis compares and integrates America’s internet finance’s development and relative legal regulations with the one of China. America has already build up a series of rule in order to regulate P2P and crowdfunding, while China is still in a primary stage without supervising system, standards of entering industry and business regulations. There is a huge gap between these two countries’ supervising policies. Generally speaking, America has attempted to balance financial innovation and supervision but failed to reach a consensus of what a perfect supervising mechanism is so far. On the other hand, Chinese arguments toward the necessity of supervising internet finance and freezing its wide growth increases sharply. Internet Finance in Taiwan is a brand new industry and just at the stage of growing. Furthermore, it’s not hard to tell that Taiwanese government’s financial policy is to promote the development of Internet Finance and multi-layer capital market because of the recent acts of enacting and amending laws, including the “Five Financial Laws”, Go Incubation Board for Startup and Acceleration Firms (GISA), regulation of equity crowdfunding, Limited Partnership Act and new regulation of closed company limited by shares. Since developing internet finance is an inevitable trend, Taiwan could learn from the supervising mechanisms of America and China to construct a future supervising plan. To wrap up, considering Taiwanese demand toward microfinance and Internet Finance as well as the merit that internet finance will fortify the international competitiveness in Taiwan, Taiwanese government should lead our country to promote internet finance’s development. Besides, the function-oriented supervising strategy is strongly suggested. Preventing from perishing internet finance industry at the very begging stage, the future legal structure should follow the direction of exempting legal responsibilities set by the Securities and Exchange Law. Simultaneously, in order to achieve both financial and social goals of microfinance and internet finance, keeping the doctrine of “too much of everything is as bad as too little” and reaching balance between financial innovation and governance is pivotal to our future prosperity.

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